U.S. Will Hit Debt Limit Jan. 19, Yellen Tells Congress - Treasury Department expects to begin taking “extraordinary measures” to avoid default

[sear]

The U.S. is hoist by its own $petard.
Congressional $fiscal conservatives added a U.S. federal debt ceiling in hope of creating a $spending $limit congress would not exceed. The U.S. federal debt limit has failed !
Worse:
it creates periodic crises requiring the self-inflicted debt limit to be increased, to prevent the U.S. federal government from defaulting on its $Tens of $Trillions in $Debt.

Ordinarily that's a problem.
But with House leadership in Republican hands, and with Republicans prioritizing their own destructive partisanship above U.S. citizenship, an uneventful legislative resolution of this fast approaching crisis is not assured.

U.S. Will Hit Debt Limit Jan. 19, Yellen Tells Congress​

The Treasury Department expects to begin taking “extraordinary measures” to continue paying the government’s obligations ahead of what’s expected to be a big fight to raise the borrowing cap.

By Alan Rappeport and Jim Tankersley Jan. 13, 2023Updated 1:03 p.m. ET
WASHINGTON — Treasury Secretary Janet L. Yellen warned on Friday that she would have to begin employing “extraordinary measures” to continue paying the nation’s bills this month if lawmakers do not act to raise the statutory debt limit and that her powers to delay a default could be exhausted by early June.

https://www.nytimes.com/2023/01/13/business/economy/debt-limit-us-economy.html

Senator McConnell (R-KY) has learned his lesson, attempting to make trouble for Democrats in the past using federal debt as a weapon against them. McConnell failed.
And McConnell has publicly admitted the failure. How will the nascent Speaker McCarthy handle this? Too early to know. Stay tuned.

ref: hoist by one's own petard: victimized or hurt by one's own scheme
https://www.merriam-webster.com/dictionary/hoist by one's own petard

 

[Borg Refinery]

What cuts do you feel should be made to the budget(s)?

This one lets you set your own budget, how would you set it?

 

[sear]

BR #2
"... everyone's for big government. The American People say we hate big government, but we like our social security and medicare. That's 38% of government right there. The biggest components of government are the most popular components of government."

"What's pernicious about deficits for conservatives is this. It makes big government cheap. What we're doing, we're turning to the country, the "conservative" administration turns to the country and says: We're going to give you a dollar's worth of government, we're going to charge you seventy five cents for it. And we're going to let your kids pay the other quarter." George Will Nov 30, 2003

The only sensible difference between federal deficits and stealing is, the former is legal, the latter not. I'm fundamentally opposed to it.

There is some low-hanging fruit. Drug War for obvious example. I'd stop Drug War right now, no justification for waiting until after breakfast tomorrow.

Pulling the rug out from under Social Security contributors would be (wildly) unpopular. So President sear would render it voluntary. If a citizens wants Social Security, they're welcome to comply with the requirements. If they want out, they can participate in a reasonable number of government approved private retirement / pension plans. In my opinion, generally government should regulate, not administer such programs. BUT !!

What I would do:
I'd raise taxes enough to balance the budget, and require any prospective tax cut legislator to cut spending further first.

 

[Shiftless2]

Republican war on 'woke' policies creeps into U.S. debt-ceiling debate

U.S. House Republicans are eyeing $150 billion in spending cuts targeting education, healthcare and housing - particularly efforts to address racial inequities that conservatives deride as "woke"

www.reuters.com

 

[sear]

Yes BUT !!

That's what passes for progress with the current GOP.
Republicans have been whining bitterly about deficits & debt, even though Trump wasn't much of an improvement over Obama.

Democrats called their bluster:
- You want to raise taxes? Which ones? How much? Alternatively
- You want spending cuts? What would you like to cut.

Now at last it seems Republicans have a seminal answer.
How do you suppose their answer will affect the next election outcome?

We'll see how women that used to have access to abortion pills but no longer do because of Republican activists vote in that same election. Could be the GOP is paving the way for a Democrat landslide.

 

[Shiftless2]

Republicans have been whining bitterly about deficits & debt, even though Trump wasn't much of an improvement over Obama.

I don't see how Trump was any improvement over Obama. If anything he was significantly worse. And don't forget that when Obama took office he was faced with the great recession

Trump Added More to the National Debt Than Obama and Bush | Manhattan Institute

Donald Trump’s final tab is in. Legislation and executive actions signed by former President Trump added $7.8 trillion in ten-year budget deficits. When accounting for non-legislative budget savings, the total projected budget deficits expanded by $3.9 trillion over the decade.These figures...

www.manhattan-institute.org

US Debt by President: Dollar and Percentage

Depending on how you measure it, different presidents have added to the national debt. Check out how the national debt has increased by year and president.

www.thebalancemoney.com

The US national debt just pushed past $22 trillion — here's how Trump's $2 trillion in debt compares with Obama, Bush, and Clinton

The US national debt has topped $22 trillion for the first time, but the debt addition under President Donald Trump is not quite historic.

www.businessinsider.com